- SharpLink has rapidly accumulated nearly 312,000 ETH, worth $974 million, making it one of the largest corporate holders of Ethereum as it pivots to using ETH as its primary treasury reserve asset.
- Backed by Consensys and led by Ethereum co-founder Joseph Lubin, the company’s strategy mirrors MicroStrategy’s Bitcoin play and signals growing institutional confidence in Ethereum’s long-term value.
If you thought Sharplink Gaming is pumping the brakes, you are, like, totally mistaken. The crypto community is calling this firm the Microstrategy of Ethereum. The firm is aggressively accumulating Ethereum tokens.
The Nasdaq-listed sports tech firm now holds nearly 312,000 ETH, valued at approximately $974 million as of Wednesday’s market price of $3,122.98 per coin. Notably, SharpLink has become the largest corporate Ethereum holder after acquiring the latest batch in which 99.7% is staked.
In its latest move, SharpLink purchased 6,377 ETH, worth around $19.56 million. This is just days after acquiring 24,371 ETH for $73 million on July 15. Between July 7 and July 13, the company bought 74,656 ETH for $213 million, averaging just under $2,900 per ETH.
Most notably, one of those purchases included a direct acquisition of 10,000 ETH from the Ethereum Foundation, a rare move that underscores the seriousness of SharpLink’s strategy.
This flurry of purchases isn’t just opportunistic buying during a dip, Ethereum is still trading 34% below its all-time high, it represents a calculated shift in the company’s financial structure.
Question still lies, what does Sharplink know that the rest of the crypto community doesnt know? Notably, SharpLink has designated ETH as its primary treasury reserve asset, much like MicroStrategy did with Bitcoin.
This shift came after a $425 million private placement led by Ethereum ecosystem giants including Consensys, Pantera Capital, Electric Capital, and ParaFi Capital.
CEO Rob Phythian emphasized that more than 99% of SharpLink’s ETH holdings are staked or restaked across various protocols, both to earn yield and support Ethereum’s proof-of-stake security model. It’s a move that not only enhances potential returns but also strengthens SharpLink’s role in the broader Ethereum ecosystem.
As ealrier reported, Rob Phythian, the CEO of SharpLink, has become a central figure in this narrative shift. Much like Michael Saylor with Bitcoin, Phythian is making a bold, potentially market-shifting bet on Ethereum.
With a background in digital sports media and gaming, his pivot to crypto signals a belief in ETH not just as an asset, but as foundational infrastructure.
Phythian stated that Ethereum’s utility, smart contract ecosystem, and network effects made it a long-term treasury asset. His move is already prompting comparisons to Saylor’s legendary BTC accumulation.
Additionally, another notable figure also bets big on the second-largest cryptocurrency by marketcap.
The Founder of EMJ Capital has made a bold statement targeting the second largest cryptocurrency by market cap. In a series of posts on the X platform, Eric Jackson noted that Ethereum ” could one day soar to a staggering $1.5 million per token.”
The firm’s connection with Ethereum runs even deeper. Joseph Lubin, Ethereum co-founder and Consensys CEO, now chairs SharpLink’s board. Lubin sees SharpLink as a public-market proxy for Ethereum exposure, highlighting the network’s growing role in decentralized applications and digital commerce, especially as favorable U.S. legislation begins to shape the industry landscape.
At the time of press, ETH is trading with $3,169.36 rising 6.23% in the past 24 hours.
